(707) 321-3424 --- (503) 312-2675 Rmay@MutualMortgage.com

Reverse Mortgage Planners

Are you considering a reverse mortgage? Rick May can help you decide if it is right for you.

Is a Reverse Mortgage Right For You?

    • Imagine No More House Payments and still being able to live in your home, or buy a new one with a reverse mortgage, for homes valued up to $10,000,000.
    • Imagine being able to use the equity in your home without having to make home equity loan payments.
    • In a nutshell, that’s what a reverse mortgage can do for you. If you are age 62 or older and your home has at least 50% equity or more, you may qualify for a reverse mortgage, or a Home Equity Conversion Mortgage (HECM) that stops all future mortgage payments for you!

A few requirements do apply:

    • You’ll need to demonstrate the financial ability to pay property taxes and upkeep, and
    • Maintain a homeowner’s insurance policy,
    • Attend a third-party reverse mortgage counseling/education session. You can choose to attend in person or if it’s more convenient, over the phone. It usually lasts about an hour and is very informative.

Get Free Reverse Mortgage Consultation with Rick May, Reverse Mortgage Specialist

For many older Americans, their home equity represents a large part of their wealth, a number that experts say currently exceeds $5 trillion in the U.S. Knowing that you have the ability to use this money if need be, is a comforting notion for many, considering that a large portion of older Americans does not have enough money saved up to secure their quality of life during retirement.

Basically, a reverse mortgage allows you to eliminate your monthly mortgage payment if you have one, and instead of paying the lender, the lender pays you or makes available to you the option of accessing a certain part of the equity in your property so you can get payments instead of making them.

Everyone’s financial situation is different. Below are some of the first questions we ask our clients to see if a Reverse Mortgage makes sense for them. We design our Free consultation to help them answer these questions honestly, not pressure you into making one decision.

A couple looks at a reverse mortgage agreement while sitting on the couch

Questions to Ask:

  • Do you plan on keeping the home as your primary residence? Current reverse mortgage rules mandate that you own and occupy the home that you take out a reverse mortgage on. This means that if you plan on moving to a new primary residence, you’d have to sell the home and pay off the balance along the way.
  • Are you planning on deferring your Social Security benefits? Doing so can result in you getting a higher payout by waiting to collect them. But you want to make sure you compare this against the interest rate you’d be paying for the reverse mortgage first, just to assure that such a move is in your best financial interest.
  • Could a reverse mortgage improve the quality of your life? It very well may. You can use the funds as you see fit. This can include paying for medical costs, vacations, a remodel, setting the money aside for savings, or just using it to help supplement your everyday expenses.
  • Does a reverse mortgage make sense for your situation? The only person who can answer this question is you. A great place to start is by talking with a Reverse Mortgage Specialist so you can learn more about how this type of home loan works. Conduct some research so you can compare the pros and cons. You may find that it’s a convenient way to access your home equity now and use the money to benefit your current situation.

Meet Rick May, Reverse Mortgage Specialist NMLS # 582949

Rick is a native of Northern California and has been helping older homeowners arrange reverse and traditional mortgages for the past 35 years. He is the father of 3 grown children, and enjoys being outdoors and spending quality time with family and friends. Rick got his start in Mortgage Planning  in 1984, and has worked with  thousands of home buyers and homeowners all throughout northern California, Portland Oregon and Vancouver Washington. During these years, Rick  also helped many adults age 62 and over obtain an FHA insured Reverse Mortgage. After witnessing first hand the tremendous  benefits that reverse mortgages were having on his clients, Rick decided to devote his entire mortgage practice to that segment of the business.

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Keep up with the latest news on reverse mortgages in California, Washington and Oregon. You can also find news regarding HECMs, reverse mortgage FAQs and other news to help you plan for retirement.

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